India’s Direct Tax Collections Surge in FY 2024-25

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As of November 10, 2024, India’s direct tax collections for FY 2024-25 showcased significant growth compared to the same period last year.

Key Highlights:

  1. Gross Tax Collections: Increased by 21.2%, reaching ₹15,02,161 crore (up from ₹12,39,402 crore in FY 2023-24).

    • Corporate Tax (CT): ₹6,60,354 crore.
    • Non-Corporate Tax (NCT): ₹8,03,491 crore, including contributions from individuals, HUFs, and other entities.
    • Securities Transaction Tax (STT): Surged to ₹35,923 crore.
    • Other Taxes: Slightly declined to ₹2,394 crore (covering Equalization Levy and Banking Cash Transaction Tax).

  2. Refunds: Totaled ₹2,91,531 crore, a 33.07% increase, reflecting the government’s commitment to faster refund processing.

  3. Net Tax Collections: Grew by 15.41%, amounting to ₹12,10,630 crore (compared to ₹10,48,941 crore in FY 2023-24).



This robust growth highlights improved compliance and an expanding tax base from both corporate and non-corporate sectors, aligning with fiscal targets for FY 2024-25.

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